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Post/CP say TSX takes hit as oil hits two-year low

2014-10-23 09:37 ET - In the News

The Financial Post reports in its Thursday edition Toronto stocks tumbled more than 200 points Wednesday as markets gave back a chunk of gains collected over the previous four days of triple-digit advances. A Canadian Press dispatch to the Post says the S&P/TSX composite index dropped 235.64 points to 14,312.07. Leading the plunge were resource stocks as prices for oil hit a two-year low. Losses picked up when reports surfaced that a gunman had opened fire at the National War Memorial in Ottawa, fatally wounding a soldier. However, analysts thought that while there may have been a short, knee-jerk reaction to the shootings, the declines on the Toronto Stock Exchange had everything to do with markets stepping back after a recent big move upward. The Canadian dollar was down 0.12 of a cent at 88.94 U.S. cents as the Bank of Canada announced that it was leaving its key rate unchanged at 1 per cent. Traders also took in a worse-than-expected reading on midsummer Canadian retail sales. Statscan said retail sales fell 0.3 per cent in August. Economists had expected a flat reading. The TSX had company, with the Dow dropping 153.49 points to 16,461.32 and the Nasdaq Stock Market falling 36.63 points to 4,382.85.

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